Cousins To Merge With Parkway; To Spin-Off Combined Houston Assets Into REITT

(RTTNews) - Cousins Properties Incorporated (CUZ) and Parkway Properties, Inc. (PKY) announced they have entered into a definitive agreement for a stock-for-stock merger and the simultaneous spin-off of the Houston-based assets of both companies into a new publicly-traded REIT. Upon completion of the spin-off, Cousins and Parkway shareholders will own approximately 52% and 48%, respectively, of both Cousins and REIT.

Parkway shareholders will receive 1.63 shares of Cousins stock for each share of Parkway stock they own. Immediately upon the merger's completion, the combined company will effect a taxable spin-off of the REIT via a special dividend distributed pro rata to its shareholders.